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Designating Entities Transporting Oil Sold Above the Price Cap [1]

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Date: 2023-10 

Today, the United States is imposing sanctions on two entities that own vessels which used Price Cap Coalition service providers while carrying Russian crude oil traded above the price cap. The United States is also identifying those vessels as blocked property. This action demonstrates our vigilance in monitoring compliance with the price cap policy. That policy promotes global market stability while limiting Russian government oil revenue as Russia carries out its unjust war against Ukraine, which drove up global energy prices. We will continue to take action to uphold the price cap and support compliance.

Additionally, the Price Cap Coalition has issued an Advisory for the Maritime Oil Industry and Related Sectors, directed at both governments and private-sector actors. The Advisory provides actionable recommendations, and reflects our commitment to promote responsible practices in the industry and enhance compliance with the price caps on crude oil and petroleum products of Russian Federation origin, put in place by the G7, the European Union, and Australia.

Since our Coalition implemented the price cap policy, our objectives have been clear: reduce Russian revenues used for its war against Ukraine while promoting global energy market stability. Nearly ten months into implementation of the price cap, we are confident it is achieving these twin goals.

Treasury designated the two entities pursuant to Executive Order 14024 for operating or having operated in the marine sector of the Russian Federation economy. For more information on these designations, see Treasury’s press release . For more information on the Advisory for the Maritime Oil Industry and Related Sectors, see this .

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[1] Url: https://www.state.gov/designating-entities-transporting-oil-sold-above-the-price-cap/

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